The rise of mobile telephones has impacted the way corporations do business in all spheres and all over the world. The world of banking has not been an exception. A survey of US adults in 2018 found that mobile banking applications are among the most-used apps, only behind social media and weather. The banking sector has been progressively latching on to this new trend to keep themselves relevant in this day and age by embracing the mobile revolution. The move towards mobile has been led by various banking services been offered on mobile phones at the tip of customer’s fingertips.
But this increasing pivot towards mobile telephones has its risks for big well-known banks as well as Non-Banking Financial Companies (NBFCs). Due to the inherent nature of the business that banking institutions are in, they find themselves at a heightened risk of cyberattacks. Banking institutions typically store sensitive data as well as fund from millions of customers across continents, making them lucrative targets for cyber attack. Recently, a cyber attack on Cosmos Bank in Pune, India resulted in Rs 94 crore being stolen. Any breach of cybersecurity results in a massive crisis for the bank in question, resulting in damage not just financially but also in terms of reputation and cost.
How are NBFCs embracing mobile solutions?
The problem is even more pronounced when it comes to NBFCs, which are financial institutions that do not have a banking license or regulated by an agency but can still carry out financial services ranging from asset finance, investment, loans, infrastructure finance and much more. They complement the banking sector by connecting the vast unbanked segments of the society, especially small and medium enterprises (MSMEs). Since they may not have the power or financial clout of an international bank, they may not have the resources to invest in a cybersecurity framework which can be disastrous
That is why more and more banking institutions, including NBFCs, are embracing Mobile Device Management, a solution which enables these institutions to leverage the benefits of mobile productivity while keeping their networks secure. These MDM solutions have resulted in several benefits:
- Better compliance – Banking institutions have to comply with a lot of regulatory policies. In the case of NBFCs in India, the Reserve Bank of India came out with a Master Document outlining proposed steps for an Information Technology framework. MDM solutions enable NBFCs and banks to be on the same page as these regulations, resulting in fewer headaches when it’s time for audits.
- Better customer experience – MDM solutions have several features which enable these institutions to embrace the power of mobile and deliver a better customer experience. The Kiosk Mode feature allows mobile devices to be customer facing and intuitive, helping in greater customer satisfaction.
- Application Control – NBFCs and banking institutions have better control over their mobile devices, the kind of applications being used on them and their functionality, thus enabling a secure, better framework.
NBFCs can consider Seqrite Mobile Device Management, a comprehensive, state-of-the-art solution which offers all basic and advanced features enabling NBFCs to defend themselves from malicious attacks whilst not impacting their resource utilization. The solution can be deployed and modulated over cloud within a very short span of time. Its easy enrollment makes the user registration, setup and policy syncing a seamless efficient experience irrespective of the location of the end user. A unified management console enables the organization to view, manage and synchronize all the subscribed devices through a central GUI.
As an IT security partner for your business, Seqrite provides comprehensive security from advanced cyber threats. To know more